Stoneridge Towne Center Menifee

February 12, 2019 Comments Off on Acquisition Financing Secured for Moreno Valley Value-Add Center Views: 1498 California News, Inland Empire

Acquisition Financing Secured for Moreno Valley Value-Add Center

Newport Beach, CA-based MetroGroup Realty Finance provided $8.2 million in financing for the acquisition of Stoneridge Towne Center, a value-add retail center in Moreno Valley, CA. MCA Realty purchased four multi-tenant retail buildings and two retail boxes totaling 117,191 square-feet, as well as four pads available for future development encompassing 5.24 acres.

The assets are located at 27110, 27120, 27130, 27140, 27190, and 27220 Eucalyptus Ave.

MetroGroup’s Scott Botsford arranged the financing. The sponsor plans to reposition the center in order to appeal to today’s shoppers, and was looking for competitive financing that would allow it to fully execute its business plan, according to Botsford.

The Irvine, CA-based sponsor acquired the asset at 50 percent below its replacement cost, and plans to make improvements throughout the center, as well as reshape the existing tenant mix to appeal to today’s consumers.

Connect With MCA Realty

Connect With MetroGroup’s Botsford

Get CRE News in 150 words

For comments, questions or concerns, please contact Dennis Kaiser

Tags: , ,

Comments are closed.

Send this to a friend